If it's in the early stages of the pipeline, cash is generally used as a pessimistic valuation, but ARCT has a commercialized COVID-19 vaccine, so even the valuation is too low. The commercial value of its pipeline is actually not significant—the number of patients is not large, as it's a rare disease, and its value lies in the technology platform. Future market trends will depend on tracking subsequent pipeline data readouts and new commercial collaborations, heavily reliant on specific events. Overall, even if the pipeline fails rather than being mispriced, it is still undervalued. The market trends for small-cap stocks are often irrational. Avoid chasing short-term trades, maintain a small position, and wait. This sector is promising, with potential for future high growth, and it's currently at the bottom of the sector cycle.